The Buffett Rule: Purchasing Power Parity = Fair = Progress

– The Buffet Rule: says anyone that makes one million dollars a year should be taxed at least the same rate/percentage as middle-classers (middle-class is one of the most ambiguous and subjective terms ever, but in this case it means 30%), which is the rate figured out by a formula that finds the fairest proportion of tax compared to an individual’s/family’s income, noting that due to decreasing amounts of income, the rate lowers in order to account for the decreasing amount of money available for the most basic measures that reflect quality of life. It’s pure principle: as income decreases, rates decrease as well ~ therein lies the rub ~ as incomes decrease, there is also a subsequent, andparallel thread, that purchasing power parity decreases as well, and the ability to afford the most basic amenities to what we regard as markers of any semblance of a quality of life. So, as income decreases, so too, does the tax rate, and hence, it’s called the progressive tax code. Progressive, because it symbolizes an idea of fairness that a society reflects when moving towards progress.

Here’s the Deputy Director of the National Economic Council, John Deese, on the White House White Board. I love white boards, but I call them dry erase boards. White board just screams racist. Lol.